The government on Monday reduced import tariff value on gold to $388 per 10 grams and on silver to $540 per kg, following global price trends.
Silver remained under selling pressure and lost Rs 200.
The popular bull- taming competition held on Pongal day in Madurai district left about 59 people, including tamers, bull owners and spectators injured.
Extending gains for the fifth straight session, gold prices on Thursday rose by Rs 30 to Rs 26,830 per 10 grams in the national capital on increased buying by stockists and investors on the back of rising demand amid a firming global trend.
Silver also fell further by Rs 150 to Rs 34,200 per kg.
Traders said slackened demand from jewellers and retailers and absence of cues from the global markets as US market are closed today on account of 'Labor Day', kept pressure on gold prices.
Gold prices plunged and closed below the psychologically-significant Rs 29,000 per 10 grams mark at the local bullion market on Monday on consistent selling by stockists and speculators despite firm global sentiment.
Continuing its losing streak for the third day, gold prices drifted by Rs 155 to settle at Rs 28,175 per ten gram in the national capital today on sustained selling by stockists, tracking a weakening global trend.
Marketmen said revival of buying by stockists and local parties at existing lower levels amid a firm global trend where gold climbed to four-month high ahead of US payrolls data mainly influenced the sentiment.
On the domestic front, gold of 99.9 and 99.5 per cent purity slipped by Rs 35 each to Rs 28,330 and Rs 28,130 per 10 grams, respectively. Sovereigns also fell by Rs 100 to Rs 24,300 per piece of eight grams.
Traders said sentiment in gold remained bearish as the metal extended a decline from the highest level in more than three months in global markets amid expectations that Federal Reserve minutes will show policy makers backing further stimulus cuts.
On gold buying occasions such as Akshaya Tritiya, Chiraj Mehta points out, investors are often confronted with the question: Should I make just a token purchase, or should I buy more towards building my allocation in the yellow metal?
Gold edged higher by 0.19 per cent to $1,225.80 an ounce
Gold in London, which normally sets price trend on the domestic front, fell by 0.1 per cent to $1,314.99 an ounce and silver by 0.3 per cent to $20.91 an ounce.
Silver also traded higher by Rs 250 to Rs 41,000 per kg on increased offtake by industrial units.
Silver, however, found some buying support.
Silver followed suit, which traded lower by Rs 260 to Rs 38,540 per kg.
In Singapore, gold fell by 0.17 per cent to $1,253.80 an ounce.
Gold in global markets, which normally sets a price trend on the domestic front, gained 0.4 per cent to $1,625.20 an ounce.
Traders said increased selling by stockists, tracking a weak trend overseas as investors awaited US employment data that may show the economy is strengthening, mainly dampened the sentiment.
The gold market has remained under pressure.
Gold in London, which normally sets price trend on the domestic front, fell 0.6 per cent to $1,311.65 an ounce.
Traders said increased buying by stockists and retailers mainly kept gold prices remain higher for the third day.
Globally, gold prices slipped by 0.26 per cent to $1,246.20 an ounce in early trade in London.
Traders said the fall in gold prices was mostly in line with a weak trend in the global markets as signs of easing tensions in Ukraine curbed demand for the precious metal as a haven.
Gold prices fell by Rs 80 at Rs 27,150 per 10 grams at the bullion market on Wednesday.
In domestic market, gold prices had peaked to Rs 39,011 per 10 grams in September and are now ruling at Rs 38,800 per 10 gram.
Traders said fall in demand due to ongoing 'Sharads', an inauspicious fortnight in Hindu mythology for making fresh purchases mainly pulled down the precious metals.
Traders said emergence of buying at prevailing lower levels by jewellers and retailers mainly supported the upside in prices of precious metals.
However, silver held steady at Rs 42,600 per kg on scattered enquiries from industrial units.
Silver met with resistance at prevailing levels.
Traders said appreciating rupee against the American currency made imports of dollar denominated precious metal cheaper, which mainly kept pressure on bullion prices.
Jewelers also want import duty on gold to be reduced from the current 10 per cent to at least 5 per cent.
In Mumbai, gold of 99.9 and 99.5 per cent purity traded at Rs 29,915 and Rs 29,765 per ten gram, while silver enquired at Rs 45,450 per kg.
Traders said stockists selling against sluggish demand mainly led to decline in gold prices.
Globally, gold in New York, which normally determines price trend on the domestic front, fell 1.18 per cent to $1,198.50 an ounce in Tuesday's trade as strengthening dollar curbed demand for the precious metal.
Silver also rebounded by Rs 570 to Rs 38,100 per kg on increased offtake.
Tokyo -- the songs Japan, Love In Tokyo and Sayonara from the 1966 Hindi film automatically pop up in the mind -- is buzzing and crowded like any other metropolis, discovers Deepa Gahlot. The modern apartment blocks are built cheek by jowl, so close together that one can open the window and borrow sugar from the neighbour in the next building. One of the fears of the Indian traveller is the unavailability of vegetarian food. Every city and town in Japan has an array of Indian restaurants that serve every variety of cuisine, right from Gujarati to Punjabi to Andhra and Kerala meals.
The rally in silver may continue if the global economic recovery remains on course.
